Moody’s rates Western and Southern notes A2

Moody's Investors Service said it assigned an A2 (hyb) subordinated debt rating to the expected issuance of about $500 million of 40-year fixed-rate surplus notes by the Western and Southern Life Insurance Co.

The A2 (hyb) rating reflects the typical two-notch difference between an operating company's insurance financial strength rating and its surplus note rating because of the subordination of surplus notes to policyholder and senior creditor claims, Moody’s said.

The proceeds are expected to be used for general corporate purposes.

The outlook remains unchanged at stable.

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